Setting Up and Reconciling a CD Account: Difference between revisions

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(Created page with "Here's how to set up and reconcile a Certificate of Deposit in Jewel. ==Set Up the CD Account in Jewel== # Maintenance/Edit Accounts/Add New Account # “Type” – Bank Account # “ID” – A number that is not already being used, preferably just below/near your existing bank accounts. # “Name” – Savings CD. If you have more than one, you can give it a number. Use the “Memo” box if you need to identify it any further. # “Bank Name” under Bank Informati...")
 
 
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# “Statement Frequency” – whatever the term of the CD is – quarterly or semi-annually would be typical.
# “Statement Frequency” – whatever the term of the CD is – quarterly or semi-annually would be typical.
# Open the CD at the bank.
# Open the CD at the bank.
# Create the transaction in Jewel. If it was a transfer at the bank, use [[Entering Common Transactions#Transfer Funds|“Transfer Funds”]] on the home page. If it was a paper check, [[Media:8090_-_How_Jewel_Works_3_-_Moving_or_Spending.pdf|8090 - How Jewel Works 3 - Moving or Spending]] page 5 tells you how to write it in order to create a transfer. Take time to do this step correctly.
# Create the transaction in Jewel. If it was a transfer at the bank, use [[Entering Common Transactions#Transfer Funds|“Transfer Funds”]] on the home page. If it was a paper check, [[Media:8090_-_How_Jewel_Works_3_-_Moving_or_Spending.pdf|How Jewel Works 3 - Moving or Spending]] page 5 tells you how to write it in order to create a transfer. Take time to do this step correctly.
9. Reconciling: Typically you only get a statement and see the interest when the CD matures. Reconciling it at each
 
maturity point, whether you are taking it out or rolling it over, is fine. These are the steps. (Tutorial #3540 is similar)
==Reconciling a CD Account==
A) Find the CD Reconcile page in Jewel.
Typically you only get a statement and see the interest when the CD matures. Reconciling it at each maturity point, whether you are taking it out or rolling it over, is fine. These are the steps.
B) Enter the “Ending Date” which can be a withdrawal date or a rollover date.
# Find the CD Reconcile page in Jewel.
C) Enter the “Ending Balance” on that ending date, even if it is rolling over. The “Difference” should be the same
# Enter the “Ending Date” which can be a withdrawal date or a rollover date.
as the interest that shows on the statement, for that period.
# Enter the “Ending Balance” on that ending date, even if it is rolling over. The “Difference” should be the same as the interest that shows on the statement, for that period.
D) Click on “Interest Earned or Deposit Correction” in the bottom right of the screen.
# Click on “Interest Earned or Deposit Correction” in the bottom right of the screen.
E) “Account Name” – whatever local fund you typically use for interest earned.
# “Account Name” – whatever local fund you typically use for interest earned.
F) “Income” – the amount of the interest.
# “Income” – the amount of the interest.
G) “Date” – the “Ending Date.”
# “Date” – the “Ending Date.”
H) “Memo” – something like “Feb – July 2025 CD interest” (give period dates and identify which CD if you have
# “Memo” – something like “Feb – July 2025 CD interest” (give period dates and identify which CD if you have more than one.)
more than one.
# Click on “Add Entry.” The interest will appear in the “Deposits and Interest Earned” section, already checked off. Your Difference should now be zero.
I) Click on “Add Entry.” The interest will appear in the “Deposits and Interest Earned” section, already checked
# Click the green “OK √,” print the report, staple it to the statement and file it.
off. Your Difference should now be zero.
# If you are rolling it over, just keep the same CD name and account in Jewel, recording the interest the same way the next time it matures.
J) Click the green “OK √,” print the report, staple it to the statement and file it.
 
K) If you are rolling it over, just keep the same CD name and account in Jewel, recording the interest the same
<br><br>
way the next time it matures.
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[[Bank Reconciliation|Return to Chapter 4: Bank Reconciliation]]

Latest revision as of 12:06, 21 November 2025

Here's how to set up and reconcile a Certificate of Deposit in Jewel.

Set Up the CD Account in Jewel

  1. Maintenance/Edit Accounts/Add New Account
  2. “Type” – Bank Account
  3. “ID” – A number that is not already being used, preferably just below/near your existing bank accounts.
  4. “Name” – Savings CD. If you have more than one, you can give it a number. Use the “Memo” box if you need to identify it any further.
  5. “Bank Name” under Bank Information, enter “Savings CD” and any number if you gave it one.
  6. “Statement Frequency” – whatever the term of the CD is – quarterly or semi-annually would be typical.
  7. Open the CD at the bank.
  8. Create the transaction in Jewel. If it was a transfer at the bank, use “Transfer Funds” on the home page. If it was a paper check, How Jewel Works 3 - Moving or Spending page 5 tells you how to write it in order to create a transfer. Take time to do this step correctly.

Reconciling a CD Account

Typically you only get a statement and see the interest when the CD matures. Reconciling it at each maturity point, whether you are taking it out or rolling it over, is fine. These are the steps.

  1. Find the CD Reconcile page in Jewel.
  2. Enter the “Ending Date” which can be a withdrawal date or a rollover date.
  3. Enter the “Ending Balance” on that ending date, even if it is rolling over. The “Difference” should be the same as the interest that shows on the statement, for that period.
  4. Click on “Interest Earned or Deposit Correction” in the bottom right of the screen.
  5. “Account Name” – whatever local fund you typically use for interest earned.
  6. “Income” – the amount of the interest.
  7. “Date” – the “Ending Date.”
  8. “Memo” – something like “Feb – July 2025 CD interest” (give period dates and identify which CD if you have more than one.)
  9. Click on “Add Entry.” The interest will appear in the “Deposits and Interest Earned” section, already checked off. Your Difference should now be zero.
  10. Click the green “OK √,” print the report, staple it to the statement and file it.
  11. If you are rolling it over, just keep the same CD name and account in Jewel, recording the interest the same way the next time it matures.



Return to Chapter 4: Bank Reconciliation

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